Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.2
Leases
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
LEASES . LEASES

The Company is party to operating leases for all of its offices. Many leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the consolidated balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain not to exercise. All long-term leases identified by the Company are classified as operating leases. Lease expenses related to long-term leases were $785 and $748 for the three months ended June 30, 2023 and 2022, respectively, and $1,581 and $1,368 for the six months ended June 30, 2023 and 2022, respectively. Short-term lease expense, variable lease expense and sublease income were not material for the three and six months ended June 30, 2023.

Maturities of the Company’s long-term operating lease liabilities, which are included in other liabilities on the consolidated balance sheet, were as follows:

 

 

June 30, 2023

 

Remainder of 2023

 

$

1,647

 

2024

 

 

3,095

 

2025

 

 

2,663

 

2026

 

 

1,268

 

2027

 

 

904

 

Thereafter

 

 

768

 

Total lease payments

 

 

10,345

 

Less: imputed interest

 

 

1,883

 

Lease liabilities

 

$

8,462

 

Weighted-average remaining lease term (years)

 

 

3.8

 

Weighted-average discount rate

 

 

11.8

%